Westford, USA, Nov. 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Textile Recycling Market share will reach a value of USD 11.66 Billion by 2031, with a CAGR of 6.4% during the forecast period (2024-2031). Due to the growing social awareness on textile recycling and environmental concerns over the manufacturing of textile waste, the textile recycling industry is expected to increase. Recycling textiles, although not being an environmentally friendly activity compared to landfill disposal and textile incineration, has a smaller impact on the environment. Resource recovery can have a strong positive impact on the environment through the substitution of products manufactured from primary resources. Over the projection period, all these variables are expected to increase the rate of the textile recycling market growth.
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Browse in-depth TOC on the "Textile Recycling Market"
Pages – 157
Tables – 91
Figures – 71
Textile Recycling Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 6.49 Billion |
| Estimated Value by 2031 | USD 11.66 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Sources, Process, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Sustainable growth in textile recycling industry |
| Key Market Opportunities | Innovation in Recycling Technology |
| Key Market Drivers | Consumer Demand for Sustainable Products |
Textile recycling market Segmental Analysis
The global adhesives and sealants market is segmented on the basis of material, source, process, and region.
By Material, the market is segmented into Cotton, Polyester, Wool, Polyamide, Other.
By Sources, the market is segmented into Apparel Waste, Home Furnishing Waste, Automotive Waste, Other.
By Process industry, the market is segmented into Mechanical and Chemical.
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Dominance of Cotton in Textile Recycling Due to its Eco-Friendly Benefits
The cotton category contributed 69.7% of the total global textile recycling revenue share by coming up with the largest material market share category in 2022, based on textile recycling market analysis. This is an eco-friendly resource because of less requirement and waste generation as compared to traditional or organic cotton. Cotton waste happens to be one of the major causes of textile waste due to its high demand in apparel and other textile products.
Automotive Waste Management Amidst Rising Vehicle Ownership
As per the textile recycling market forecast, automotive waste is estimated to grow at a CAGR of 3.3%. All these components are made of textile, including carpets, seat coverings, cushions, door and roof liners, tires, airbags, and filters. The problem of automotive waste is also being fueled by increasing vehicle ownership in developing countries. This should lead to healthy growth in the market on account of increasing automotive textile waste management activities.
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Europe Leads in Textile Recycling Due to Government Support and Recycling Initiatives
Europe was leading the textile recycling industry in 2022, capturing 29.6% of global market share. Owing to growing government support and the ever-growing number of projects related to recycling, the market within the area is also expected to increase significantly in the coming years. The UK-registered trash and Resources Action Program, which runs its activities across Europe with the assistance of local government and private firms, fosters waste recycling, especially the recycling of textiles in the region.
Textile Recycling Market Insights
Drivers
- Resource Conservation
- Consumer Demand for Sustainable Products
- Growing Environmental Concerns
Restraints
- Quality Concerns of Recycled Fibers
- Limited Infrastructure
- Low Collection Rates of Textile Waste
Key Players Operating Within the Gene Panel Market
- Worn again technologies
- Lenzing Group
- Birla Cellulose
- BLS Ecotech
- The Woolmark Company
- iinouiio Ltd
- Ecotex Group
- The Boer Group
- Unifi, Inc.
- Textile Recycling International
- Hyosung Group
- Martex Fiber
- RenewCell
- Pistoni S.r.l.
- RE-TEXTIL Deutschland GmbH.
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Key Questions Covered in the Global Textile Recycling Market Report
- What is the forecast duration of the market report?
- What are the key strategies adopted by market players operating within the market?
- Which region accounted for the largest share in 2022?
- What are the key textile recycling market trends?
- By 2031, what will the size of the textile recycling market be?
This report provides the following insights:
Analysis of key drivers (growing environmental concerns, consumer demand for sustainable products), restraints (limited infrastructure, low collection rates of textile waste) opportunities (circular economy models), and challenges (lack of standardization) influencing the growth of the textile recycling market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the textile recycling market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the textile recycling market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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